Last Autumn, Barclays launched a new remortgaging product called Great Escape.  The Woolwich remortgage product comes with great incentives that one would hope to expect, such as no application fee or cost for legal work and valuation.  On top of that, the Great Escape comes with £300 cash back bonus for the homeowner who would have costs or fees for making a switch from their current lender. 

The offer started at 75 per cent loan to value (LTV) and at the beginning of the year it was extended to 80 per cent LTV.  For those homeowners that have been trying to pay down debt to take advantage of the Great Escape or have been unable to take advantage of such a deal, will be glad to hear that it has once again been extended.  Now the Great Escape remortgage product is available at 85 per cent LTV with a 4.69 per cent fixed rate for two years opening it up to many of those sitting on their lender’s standard variable rate (SVR).

Andy Gray, head of mortgages for Barclays, remarked, “Since we launched Great Escape last year remortgaging has increased from a third of mortgage approvals in the market to almost half. Barclays remortgage deals are proving a real hit amongst borrowers who are planning ahead in anticipating a rise in base rate.

“Customers who have already taken advantage of the Great Escape deals will save £28m in mortgage payments over the next two years and have been able to switch across from their current lender without being out of pocket on fees.

“It’s widely predicted that base rate will increase this year so it’s important that borrowers take action this summer to secure low mortgage rates while they are still available. Over £28bn of fixed rate mortgages will mature over the next few months, adding to the one million families already on standard variable rates.

“Our Great Escape fixed rate mortgages allow customers to lock in their payments at a level below or around the rate they will be paying on SVR, saving them money now and even more in the future as rates rise.”